SEC chairman seeks compromise on international swaps regulation
Securities and Exchange Commission Chairman Elisse Walter wants domestic regulators to rely on international rules for cross-border swaps when they are equivalent, while preserving U.S. regulators' right to impose their rules when no comparable ones exist. "The domestic regulator would continue to have the ability to apply certain key policy requirements of local law when foreign law does not impose comparable requirements or provide comparable protections," Walter said. Reuters
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Report: Futures hedging will be contingent on liquidity level
The regulatory overhaul in the derivatives market initiated by the Dodd-Frank Act will encourage market participants to use swaps futures as a hedging instrument, but only if they trade with enough volume to provide liquidity, a Finadium report says. "Swap dealers will be incentivised to use swap futures for their margin efficiencies -- lower initial margin than cleared [over-the-counter] swaps and cross-margining with other products traded and cleared by an exchange -- but will only stay if there is liquidity," the report says. The Trade News (U.K.)
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Choice in OTC derivatives reporting is fine, ESMA says
The European Securities and Markets Authority has released guidance that says reporting of over-the-counter derivatives doesn't have to be performed by the same entity that cleared the transaction. The Commodity Futures Trading Commission is in a dispute with market participants regarding the same issue. The Trade News (U.K.)
Split starts to emerge over European transaction tax
Officials involved in negotiations for a proposed tax on financial transactions in 11 EU nations are struggling to agree on the implementation timeline, possible exemptions and the scope of the levy. "The member states are divided; there is no unity about what the FTT will cover," said James Hughes, an account manager at Cicero. Many public-affairs experts are predicting that European leaders will rein in the tax. Financial News Online (U.K.) (subscription required)
Commentary: Lawmakers err in weakening Dodd-Frank
Mike Konczal of the Roosevelt Institute questions the wisdom of the House Agriculture Committee's move last week to adjust the Dodd-Frank Act. "[T]hese rules are a bad idea, especially when financial reform is still being implemented. Lawmakers should realize that they would be dismantling important parts of the bill, rather than tinkering along the edges, if these proceed," Konczal writes. The Washington Post/Wonkblog
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